Forensic Analysis · Technology / Software · as of Aug 11, 2026
Impinj Inc (PI)
A forensic read on Impinj Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
12.8
Distress distance
Clean
Earnings quality
4
Forensic signals
-195.6
P / E (ttm)
-5.2%
ROE
$5.5B
Market cap
0.00%
Dividend yield
-1.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Impinj Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0.1%
FY2025
Return on invested capital.Return on invested capital is -0.1% in the latest fiscal year and rising from -5% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +15% over the last 3 years to FY2025 (+4.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~13%.
64d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 56 to 64 days FY2024→FY2025 (receivables +25% vs revenue -1%). Across FY2021–FY2025 the day count ran 58 → 60 → 62 → 56 → 64 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue grew +26% over the same period, which accounts for part of the balance but not for a day count that widened against the same quarters a year earlier. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +13, Mar 2026 +19, Jun 2026 +8 days). In the latest of them the receivable balance grew +29% against sales +11%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
15% of rev
FY2025
Stock-based comp load.
Key fundamentals
Latest Revenue$361.1M
Revenue Growth YoY-1.4%
Revenue CAGR (3yr)+11.9%
Net Margin-3.0%
Free Cash Flow$45.9M
Return on Equity-5.2%
Debt / Equity1.34x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Impinj Inc's actual 10-K/10-Q/8-K filings?
Stock-based compensation ran 15% of revenue and 120% of free cash flow in FY2025 — about $1.89 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 4.8% a year and is falling.